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Buy Indian Bank; target of Rs 130: Dolat Capital Market

Dolat Capital Market is bullish on Indian Bank has recommended buy rating on the stock with a target price of Rs 130 in its research report dated January 22, 2021.

January 27, 2021 / 03:05 PM IST
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Dolat Capital Market's research report on Indian Bank

Indian Bank reported NII and PPoP growth of 31% and 10% YoY respectively on a merged basis, in line with expectations. Pro-forma Gross NPAs were marginally higher at 10.38% against 10.2% in the previous quarter, with pro forma PCR at 69%. The bank has made provisions of 20% against standstill NPAs.


Valuing the bank at 0.7x Sep-22E P/ABV, implying a TP of Rs 130, we upgrade the stock to BUY from ACCUMULATE against a RoA of 0.6%/0.8% for FY22E/23E. The stock currently trades at 0.4x Sep22E PABV and has underperformed relative to the rest of PSU pack.


For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

Broker Research
first published: Jan 27, 2021 03:05 pm

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